VMware begins seek for a brand new CEO, inventory falls

VMware Inc.

said Wednesday that it has initiated a global search for a new chief executive officer, in the wake of CEO Pat Gelsinger’s decision to step down on Feb. 12 to be come chip maker Intel Corp.’s

CEO. Gelsinger has served as the enterprise cloud company’s CEO since September 2012. Shares of VMware dropped 5.6% in morning trading. Since the end of September 2012 through Tuesday, VMware shares had rallied 47.7%, while the SPDR S&P Software & Services ETF

had rocketed 382.2% and the S&P 500

had soared 163.8%.

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